MoIP proposes 55 developmental projects for PSDP 2018-19

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ISLAMABAD: Ministry of Industries and Production has proposed 55 new projects for funding under Public Sector Development Programme (PSDP) 2018-19 in order to develop and promote the national industrial sector of the country.

It has proposed an allocation of Rs 8329.637 million for the development of these projects in next PSDP as against the Rs 2,737.27 million of the same period last year, said an official of Industries and Production ministry.

Talking to APP here on Wednesday, he said that the new projects would help in reducing unemployment and poverty by creating new jobs as well as help in skill development. He added that these projects would also help in the provision of training facilities and common machinery pools along with the transfer of technology.

He informed that by December 31, the government had released Rs 293.230 million for 13 ongoing projects of the ministry under the PSDP 2017-18, out of which an amount of Rs 234.75 million had been utilised so far.

In PSDP 2018-19, the ministry has proposed 3 projects of Industries and Commerce Department Government of Balochistan, 3 projects of technology up gradation and skill development company and one project of Lesbela Industrial Development Authority.

Moreover, five projects relating to Small and Medium Enterprises Development Authority and one project of export processing zone was proposed for financing under the next year’s development programme.

He further informed that during the fiscal year 2017-18, the Ministry of Planning Development and Reforms has allocated full remaining funds to 4 ongoing projects, which would be completed by June 2018.